Akso Health Group Granted Additional 180 Calendar Day Grace Period by Nasdaq to Regain Compliance with Minimum Bid Price Rule
28 April 2023 - 12:30AM
Akso Health Group (NASDAQ: AHG) (“Akso Health” the “Company”
or “we”), today announced that the Company has received a
notification letter from the Nasdaq Stock Market LLC
(“Nasdaq”) on April 25, 2023, notifying the Company that it has
been granted an additional 180-day compliance period, or until
October 23, 2023 to regain compliance with Nasdaq’s minimum bid
price rule.
Nasdaq’s determination is based on the Company
meeting the continued listing requirement for market value of
publicly held shares and all other applicable requirements for
initial listing on the Capital Market with the exception of the bid
price requirement, and the Company’s written notice of its
intention to cure the deficiency during the second compliance
period and if necessary, by effecting a reverse share split.
Previously, in a notification letter dated
October 26, 2022, Nasdaq had notified the Company that, based on
the previous 30 consecutive business days, the Company’s ADSs no
longer met the minimum $1 bid price per share requirement.
Therefore, in accordance with Nasdaq’s Listing Rules, the Company
was provided 180 calendar days, or until April 24, 2023, to regain
compliance.
If at any time before October 23, 2023, the
closing bid price of the Company’s ADSs is at least $1 per ADS for
a minimum of 10 consecutive business days, the Company will regain
compliance with this Nasdaq rule and this matter will be
closed.
This current notification from Nasdaq has no
immediate effect on the listing or trading of the Company’s ADSs,
which will continue to trade on the Nasdaq Capital Market under the
symbol “AHG”.
The Company will actively monitor the closing
bid price of its ADSs between now and October 23, 2023 and intends
to consider all available options to resolve the deficiency and
regain compliance within the additional compliance period
provided.
About Akso Health Group
Akso Health Group (NASDAQ: AHG), formerly known
as Xiaobai Maimai Inc., operates a social e-commerce platform in
China that collaborates with other domestic e-commerce platforms
and offers users a wide selection of high-quality and affordable
products. Since the end of 2021, the Company also started exploring
the healthcare equipment and product trading and related healthcare
services business.
Safe Harbor Statement
This announcement contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "potential,"
"continue," "ongoing," "targets," "guidance" and similar
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Any statements that are not historical
facts, including statements about the Company's beliefs and
expectations, are forward-looking statements that involve factors,
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Such
factors and risks include, but not limited to the following: risks
related to our ability to obtain equipment, technology, license and
talents at satisfactory terms to start the planned business, if at
all; risks regarding the effect of the COVID-19 pandemic on the
Company and the Company's position in a post-COVID-19 environment;
risks related to the Company's ability to adapt and make the
necessary adjustments to compete and operate effectively; risks
related to decisions or changes in governmental or private
insurers' reimbursement levels for our radiotherapy services or our
ability to obtain reimbursement for our radiotherapy services;
risks related to increased competition and the development of new
competing services; the risk that we may be unable to develop or
achieve commercial success for radiotherapy services in a timely
manner, or at all; risks related to regulatory requirements or
enforcement in the United States and changes in the
structure of the healthcare system or healthcare payment systems;
risks related to our ability to successfully integrate and derive
benefits from any technologies that we license or acquire; risks
related to our projections about our business, results of
operations and financial condition; and risks related to the
potential market opportunity for our products and services. Further
information regarding these and other risks, uncertainties or
factors is included in the Company's filings with the SEC. All
information provided in this announcement is current as of the date
of this announcement, and the Company does not undertake any
obligation to update such information, except as required under
applicable law.
For more information, please
visit http://www.ahgtop.com/en/index.html
For investor inquiries, please contact:
The CompanyInvestor Relations Mr. Simon He
Email: ir@ahgtop.com
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